The company's financial foundation has eroded into a negative $45.8M equity position as of 2026Q1, compounded by a new $25.9M debt burden that signals increasing structural fragility.
| Total Current Assets | 66.6M | 50.04M | 36.61M | 53.95M | 48.99M | 26.07M | 17.67M | 1.76M |
| Cash & Short-Term Investments | 59.96M | 45.09M | 30.32M | 50.52M | 42.68M | 24.75M | 16.4M | 1.54M |
| Cash Only | 59.96M | 45.09M | 30.32M | 50.5M | 42.63M | 24.53M | 16.4M | 1.54M |
| Short-Term Investments | 0 | 0 | 2K | 15K | 49K | 219K | 0 | 0 |
| Accounts Receivable | 2.71M | 3.17M | 5.77M | 2.33M | 4.85M | 0 | 0 | 125K |
| Days Sales Outstanding | 112.22 | 81.38 | 191.66 | 44.7 | 44.42 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.93M | 1.79M | 515K | 102K | 80K | 71K | 26K | 81K |
| Total Non-Current Assets | 186K | 199K | 252K | 0 | 6K | 10K | 14K | 22K |
| Property, Plant & Equipment | 186K | 199K | 252K | 0 | 6K | 10K | 14K | 22K |
| Fixed Asset Turnover | 58.24x | 71.34x | 43.62x | - | 6641.67x | 58.90x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 66.79M | 50.24M | 36.86M | 53.95M | 48.99M | 26.08M | 17.68M | 1.78M |
| Asset Turnover | 0.25x | 0.28x | 0.30x | 0.35x | 0.81x | 0.02x | - | - |
| Asset Growth % | 50.63% | 36.3% | -31.67% | 10.12% | 87.87% | 47.48% | 891.14% | - |
| Total Current Liabilities | 9.34M | 7.78M | 11.29M | 4.04M | 2.75M | 3.85M | 3.19M | 9.34M |
| Accounts Payable | 4.42M | 3.29M | 3.15M | 2.15M | 1.07M | 1.58M | 1.21M | 342K |
| Days Payables Outstanding | 175.02 | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 538K | 0 | 5.67M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.12M | 4.49M | 2K | 74K | 0 | 0 | 0 | 2.71M |
| Current Ratio | 7.13x | 6.43x | 3.24x | 13.35x | 17.79x | 6.76x | 5.55x | 0.19x |
| Quick Ratio | 7.13x | 6.43x | 3.24x | 13.35x | 17.79x | 6.76x | 5.55x | 0.19x |
| Cash Conversion Cycle | -62.79 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 103.28M | 27.11M | 18.84M | 0 | 0 | 0 | 27.96M | 0 |
| Long-Term Debt | 25.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 77.35M | 27.11M | 18.84M | 0 | 0 | 0 | 27.96M | 0 |
| Total Liabilities | 112.62M | 34.9M | 30.14M | 4.04M | 2.75M | 3.85M | 31.15M | 9.34M |
| Total Debt | 25.93M | 0 | 0 | 0 | 0 | 538K | 0 | 5.67M |
| Net Debt | -34.02M | -45.09M | -30.32M | -50.5M | -42.63M | -24M | -16.4M | 4.13M |
| Debt / Equity | -0.57x | - | - | - | - | 0.02x | - | - |
| Debt / EBITDA | -0.60x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.79x | - | - | - | -2.34x | - | - | - |
| Interest Coverage | -25.92x | -32.83x | - | -7.51x | 2023.56x | -28345.50x | -2.60x | -3.38x |
| Total Equity | -45.84M | 15.35M | 6.72M | 49.91M | 46.24M | 22.22M | -13.47M | -7.56M |
| Equity Growth % | -1014.88% | 128.26% | -86.53% | 7.93% | 108.08% | 265.01% | -78.13% | - |
| Book Value per Share | -0.05 | 0.02 | 0.25 | 2.31 | 2.24 | 1.50 | -2.89 | -1.07 |
| Total Shareholders' Equity | -45.84M | 15.35M | 6.72M | 49.91M | 46.24M | 22.22M | -13.47M | -7.56M |
| Common Stock | 7K | 7K | 3K | 2K | 2K | 2K | 1K | 0 |
| Retained Earnings | -254.12M | -188.59M | -139M | -81.47M | -71.48M | -89.37M | -32.67M | -8.05M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital structure insolvency risk
As reported in recent financial statements, IRD's equity position has collapsed into a negative $45.8M balance by 2026Q1, signaling a rapid deterioration in the company's financial foundation as accumulated losses continue to outpace the capital raised to fund its high-intensity gene therapy research and development pipeline.
The shift from a positive equity base in 2025Q4 to a significant deficit in 2026Q1 suggests that the company is consuming its net assets at an unsustainable rate. Investors should monitor whether this trajectory necessitates further dilutive equity offerings or debt restructuring to maintain operational continuity.
Based on the company's reported figures, IRD's debt load surged to $25.9M in 2026Q1 from zero in the prior quarter, indicating a shift toward debt-based financing to bridge the widening gap between operational cash burn and the capital requirements of its newly acquired gene therapy assets.
The sudden appearance of debt on the balance sheet suggests that management may be facing limited access to equity markets or is attempting to preserve shareholder value through non-dilutive means. This leverage introduces significant interest expense and repayment risk that could further constrain the company's already limited liquidity.
According to the latest quarterly filings, IRD's cash reserves of $60.0M in 2026Q1 provide a temporary buffer, yet the company's current ratio of 7.13 is heavily distorted by the recent influx of debt and does not reflect the underlying reality of its ongoing cash burn.
While the headline current ratio appears robust, the underlying cash burn rate suggests that this liquidity runway is likely shorter than the raw numbers imply. The company's reliance on external capital to sustain its clinical trials makes its liquidity position highly sensitive to market sentiment and regulatory milestones.
As indicated by the 2026Q1 balance sheet, the company's negative equity of $45.8M represents a critical distortion that suggests the firm is technically insolvent, a reality often obscured by the focus on cash-on-hand rather than the long-term sustainability of the company's capital structure and accumulated deficit.
The accumulation of $254.1M in retained losses highlights a persistent inability to generate organic returns on invested capital. This structural fragility implies that the company's valuation is almost entirely dependent on the speculative success of its pipeline rather than any tangible book value or asset-backed security.
Quick answers to the most common questions about buying IRD stock.
As of 2025, Opus Genetics, Inc. (IRD) had total assets of $50.2M including $50.0M in current assets.
Opus Genetics, Inc. (IRD) carries total debt of $0.0M, offset by $45.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Opus Genetics, Inc. (IRD) has total shareholders' equity (book value) of $15.3M ($0.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Opus Genetics, Inc. (IRD) reported a current ratio of 6.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.